Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1887-12-09


tinuing discretion and authority
No condition Onght 10 exist Nhicl
would justify the grant of power f
a single official. upon his judgmen
to It's necessity, TO withhold from
or release To the business OF Tia,
people, IN an unusual manner
money held in The Treasury, ano
thus affect, at his will, the financial
situation of the country; and if il
is deemed wise 10 lodge in the Sec
Rotary of the Treasury the authori
ty in the present iuncture to pur
chase bonds, it should he plainly
vested, and provided ~ far rs pos
siblc. with such checks and limita
tons as will define this Official,
right and discretion, and, at ihC
same time. relieve hin from undue
responsibility.
UNSAFE PROPOSITIONS.
In considering the question OF
purchasing bonds rs means oi
restoring 10 circulation the surplus
money accumulaiing in the treas
ury, il should be borne in mind that
premiums must, of course, be paid
upon such purchase, that there may
be large part Of these bonds held as
Investments which can not be pur-
chased at any price. and that com
binaliOns among holders who are
willing to sell may unreasOnably
enhance the cost of snch bonds to
the government.
1t has been suggested that the
present bonded debt might be re-
funded at a less rate OF interest,
and the difference between the old
and new security paid in cash, thus
finding use for the surplus in the
treasury. The success of this plan,
it is apparent, must depend upon
the vOlitiOn Of the holders Of the
present bonds, and it is not entirely
certain that the inducement which
must be offered them would result
in more financial benefit to the gov.
ernment than the purchase Of bonds,
while the latter proposition would
reduce the principal of the debt by
actual ayment, instead Of extend
ing it.
The Proposition 10 deposit the
money held br the government in
banks throughout the county for
use by the people, is, it seems to
me, exceedingly Objectionable IN
principle, as establishing too close
a relationship between the opera.
tons of the government Treasury
and the business of the country,
and too extensive commlngllng
OF their money, 'Aus fostering an
unnatural reliance in private bust
ness upon public funds. II this
scheme shonid be Adopted, II should
only hc done as temporary expo
dent TO meet an urgent necessity.
Legislative and executive effort
should generally De ~ the opposite
direction. and shonN have a ten.
dencv 20 divorce. ~ much and as
fast as can safely be- done, the
Treasury Department from private
enterprise.
or course, IT, is not expected that
unnecessary and cX'ravagan' appro-
prlafions will bee made, for The pnr-
pose of avoiding the accumulation
of an excess of revenue. Such ex-
pendlturr. beside the dcmorallza-
ton OF all just conceptions of pub.
lie duty which il entails. stimulates
a habit Of reckless improvidence
not in the least consistent with the
mission Of our people OF the high
and bcnclcicnt purposes Of our
government.
| have deemed il my duty to thus
brins 70 the knowledge Of my coun-
trymcn, as well as TO the attention
Of their representatives charged
with the responsibility of lcglsla-
tive relief, the gravity of oar linan-
cial situation. The failure Of the
Congress heretofore to provide
against the dangers which i, was
quite evident the very nature OF
the difficulty must necessarily pro-
duce, caused Il condition Of tinan-
cial distress aud apprehension since
yonr last adjournment which taxed
to the utmost all the authority and
expedients within executive con.
troll and these appear now to be
exhausted. If disaster results from
the continued inaction Of Congress,
the responsibility must rest where
it belongs.
YRAUGHT WITH DANGER.
Though the situation thus far
considered is fraught with danger
which should be fully realized, ana
though It presents features Of wrong
to the people as well as peril to the
country, it is bnt 4 result growing
out of perfectly palpablc and ap'
parent cause, constantly reproduce
ing the same alarming circum-
stances-a congested national
treasury and depleted monetary
in the business of the
country. 1t need hardly he stated
that while the present situation
demands a remedy, we can only /
be saved from a like predicame1t /
in the future 10y the removal OF its |
cause.
Our SCENE of taxation, by meansh /
Of which this needless surplus is /
taken from the people and put into /
he public treasury, consists ct a |
arilf or duty levied upon impOrta-
tons from abroad, and internal
'cvenue taxes levied upon the con-
of tobacco and spirituOus
md malt liquors. 1t must be con
,eded that none of the things sub.
cclcd 10 internal revenue taxation
IRE, strictly speaking, neceSsaries;
here appears to be no just com.
Ilaint of this taxation by the con.
iumerS OF these articles, and there
ieems to be nothing so we'll able
q hear the burden without hard.
hip to any portion OF the people.
But our present tariff laws, the
.icious, incquitdble and illogical
Onrce Of unnecessary taxation,
night to be at once revised and
amended. These laws, as their
primary and PLAIN effect, raise the
rice to consumers of all articles
Il 1.,t ]